Magnetar Financial LLC Acquires Shares of 3,070,686 Pactiv Evergreen Inc. (NASDAQ:PTVE)

Magnetar Financial LLC acquired a new stake in Pactiv Evergreen Inc. (NASDAQ:PTVE) during the 4th quarter, according to the company in its most recent filing with the SEC. The institutional investor acquired 3,070,686 shares of the company’s stock, valued at approximately $53,645,000. Pactiv Evergreen accounts for 1.3% of Magnetar Financial LLC’s holdings, making the stock its 24th biggest holding. Magnetar Financial LLC owned 1.71% of Pactiv Evergreen at the end of the most recent reporting period.

Other large investors have also recently added to or reduced their stakes in the company. AlphaQuest LLC increased its stake in shares of Pactiv Evergreen by 10,155.9% during the 4th quarter. AlphaQuest LLC now owns 3,487 shares of the company’s stock worth $61,000 after purchasing an additional 3,453 shares during the last quarter. Blue Trust Inc. increased its stake in shares of Pactiv Evergreen by 1,590.7% during the 4th quarter. Blue Trust Inc. now owns 7,963 shares of the company’s stock worth $139,000 after purchasing an additional 7,492 shares during the last quarter. Intech Investment Management LLC acquired a new position in shares of Pactiv Evergreen during the 3rd quarter worth $132,000. SG Americas Securities LLC acquired a new position in shares of Pactiv Evergreen during the 4th quarter worth $270,000. Finally, Paloma Partners Management Co acquired a new position in shares of Pactiv Evergreen during the 3rd quarter worth $178,000. Institutional investors and hedge funds own 22.23% of the company’s stock.

Pactiv Evergreen Price Performance

Shares of Pactiv Evergreen stock opened at $17.91 on Thursday. The company has a debt-to-equity ratio of 3.26, a current ratio of 1.93 and a quick ratio of 1.04. Pactiv Evergreen Inc. has a fifty-two week low of $8.83 and a fifty-two week high of $18.05. The firm has a fifty day moving average price of $17.77 and a two-hundred day moving average price of $14.91. The company has a market cap of $3.24 billion, a PE ratio of -19.47, a price-to-earnings-growth ratio of 1.47 and a beta of 1.24.

Wall Street Analysts Forecast Growth

Several brokerages have recently commented on PTVE. Citigroup restated a “neutral” rating and set a $18.00 price target (up previously from $13.00) on shares of Pactiv Evergreen in a research note on Tuesday, December 10th. Jefferies Financial Group reiterated a “hold” rating and issued a $18.00 target price (up from $15.00) on shares of Pactiv Evergreen in a research note on Wednesday, December 18th. UBS Group lowered shares of Pactiv Evergreen from a “buy” rating to a “neutral” rating and raised their target price for the company from $16.00 to $18.00 in a research note on Friday, January 10th. Finally, Royal Bank of Canada reiterated a “sector perform” rating and issued a $18.00 target price (up from $14.00) on shares of Pactiv Evergreen in a research note on Thursday, December 19th. Five investment analysts have rated the stock with a hold rating, According to MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $16.80.

Pactiv Evergreen Profile

Pactiv Evergreen Inc manufactures and distributes fresh foodservice and food merchandising products, and fresh beverage cartons in the United States, rest of North America, and internationally. It operates in two segments, Foodservice, and Food and Beverage Merchandising. The Foodservice segment offers food containers; drinkware, such as hot and cold cups and lids; and tableware, service ware, and other products.